Former U.S. Presidential Candidate: Cryptocurrencies are a great idea

Ron Paul, a former Republican congressman and presidential candidate, said that he is a big fan of cryptocurrencies and blockchain technology because he likes competing currencies. Speaking a “Squawk Alley” interview on CNBC, the former Congressman said:

“… I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud … I think that the government has a role. And [if] somebody has a case that there is fraud, I think it should be investigated ... What I want to do is legalize the freedom of choice, absent blatant fraud.”

Paul has been a long-time critic of the Federal Reserve and a supporter of gold and precious metals. Over the last two years, he came around to the idea of cryptocurrencies and Bitcoin. Paul mentioned in his interview that Bitcoin and Facebook’s Libra will help decrease the government’s monopoly on fiat currency:

“Historically, governments always have to have a monopoly control over money and credit. That’s why we have a Federal Reserve instead of allowing the market to operate.”